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Small Firms Join Rush to Return Loans After Rules Revisions

  • Vague guidance whipsaws borrowers as payback deadline nears
  • One firm returned its loan; another is proceeding with caution
Steven Mnuchin
Steven MnuchinPhotographer: Stefani Reynolds/CNP/Bloomberg
Updated on

A publicly-traded pharmaceutical company in New Jersey returned a $4.8 million coronavirus-relief loan it had planned to use to retain its 219 employees. Executives decided that guidance from federal officials suggested no public company would qualify for the aid.

But in Oregon, a publicly-traded technology firm with 200 employees decided to keep its $5 million loan, despite similar concerns.